Tsafi

[popeyej]

DENVER (AP) - Newmont Mining Corp. said Friday it will sell its royalty assets and certain other non-core investments to Franco-Nevada Corp. for $1.3 billion in a move to fund development of its gold producing business.

Newmont expects to record a pretax gain from discontinued operations of about $950 million in the fourth quarter in connection with the deal's completion.

The company also said Pierre Lassonde has resigned from Newmont's board and will serve as non-executive chairman of Franco-Nevada's board of directors.